Case studies of subnational financial intermediaries in Africa Astrid R.N. Haas and Gundula Löffler

Although the national government, which took on the initial loan from the World Bank, bore the overall cost of the depreciation, the monies available to the DFLA for on-lending were reduced. [...] Municipal borrowing in Malawi Under Article 49 of the Local Government Act (2017), local governments are allowed to borrow funds for long-term investments with the approval of the Minister of Local Government in consultation with the Minister of Finance, and subject to the provisions of the Finance and Audit Act (2014). [...] The Executive Director of the FEC is the General Manager of the CDG, who is also represented on the Board. [...] The Chair is appointed by the Council of Ministers, on the recommendation of the Minister of the Economy. [...] The Director General of the CDC, who is responsible for day-to-day management as well as the chief authorising officer of the budget, is also appointed by the Council of Ministers, on the recommendation of the Minister of the Economy.